The founders of a company start it with his vision and develop the organization with the strategies planned by him solely. So, in the beginning, the founder is only the boss, and any decision related to the product, marketing, and finance – you name it- will be taken by the founder only.
But as the business grows, there emerges the dilemma.
Why? It is the ultimate goal that the founder wants to achieve. Any entrepreneur or a founder of a business may look for two things: money and, second, the company’s control. Now, here comes the situation to know your goal correctly and work towards it.
What is your Goal?
Be very sure about your goal. If you are looking for a high financial gain, you might need to compromise to control your business. Why? Let’s discuss:
What if I want a high return from my business?
When many companies start growing, quick changes happen in management positions like appointing new CEOs and sometimes sacking the old ones. The reasons are discussed below:
As we are looking for high returns with our limited resources, we need new investors and expertise to get involved in our businesses if we want to grow our companies. You may have started the company, given its success with your innovative products, but to sustain that success now, you need help from experts who will guide you through the additional fields that you may not be in your wheelhouse. In that case, you might lose control over some areas and allow other experts to decide on your behalf.
So, accept it and work along if you are looking for a high return from your business.
What if I don’t want to lose control over my business?
If you are determined to have complete control of your business, then be ready to limit yourself. Among the limits are limited products that you can handle. Two, be prepared to invest your treasures if needed. Three, resist the deals that will affect your management control. And, Lastly, attract only those executives who will not threaten you to run your own company. You will be keeping the command to lead your own business at the expense of increasing its value. The threat to your sole control over the business will be evident when you plan to involve outside investments you cannot control.
The would-be entrepreneurs should also be confident about the ideas they want to pursue. If they keep the control, then be happy with the skills, contact, and limited resources you already have. On the other hand, founders looking for wealth are ready to take outside funding and allow executives to manage their ventures.
So, have an unmistakable vision about what you want. Don’t work with the dilemma, as that will not help you to achieve your goals.